Calendar for Auction of Government of India Treasury Bills

**Executive Summary** This press release, dated September 26, 2025, from the Reserve Bank of India, announces the calendar for the auction of Government of India Treasury Bills for the quarter ending December 2025. It specifies the dates of auction and issue, along with the notified amounts for Treasury Bills of 91, 182, and 364-day tenors. The auction is subject to terms specified in notification dated March 26, 2025. **Key Points / Main Content** * **Auction Calendar:** * The calendar details the dates of auction and issue for Treasury Bills from October 2025 to December 2025. * Auctions are scheduled throughout the quarter, with corresponding issue dates shortly after. * **Notified Amounts:** * For each auction date, the notified amount for 91-day Treasury Bills is ₹7,000 crore. * For each auction date, the notified amount for 182-day Treasury Bills is ₹6,000 crore. * For each auction date, the notified amount for 364-day Treasury Bills is ₹6,000 crore. * **Flexibility and Changes:** * The Reserve Bank of India retains the flexibility to modify the announced amounts and timing of auctions. * Changes may occur due to Government of India requirements, evolving market conditions, or intervening holidays, with due notice to the market. * **Terms and Conditions:** * The auction of Treasury Bills will adhere to the terms and conditions outlined in General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025 issued by the Government of India, as amended from time to time. **Impact Analysis** **Government of India:** * **Impact:** The Government of India is the issuer of the Treasury Bills, using them to manage its short-term funding needs. * **Action Required:** Monitor the auction calendar and amounts, and coordinate with the RBI as needed based on funding requirements and market conditions. **Financial Market Participants (Banks, Primary Dealers, Investors):** * **Impact:** These entities participate in the auctions to invest in Treasury Bills. * **Action Required:** Review the auction calendar, assess investment strategies based on the notified amounts and tenors, and participate in the auctions accordingly. **Reserve Bank of India:** * **Impact:** The Reserve Bank of India is responsible for conducting the auctions and managing the issuance of Treasury Bills. * **Action Required:** Execute the auctions according to the calendar, monitor market conditions, and be prepared to adjust the amounts and timing if necessary, providing due notice to the market.

Key Entities Referenced